
	June 30, 2026						December 31, 2025
(In millions)	Current		Long-Term		Total		Current		Long-Term		Total
Debt securities	$	549	$	7,901	$	8,450	$	691	$	7,671	$	8,362
Equity securities	17		3,756		3,773		22		3,534		3,556
Commercial mortgage loans	88		1,111		1,199		86		1,147		1,233
Policy loans	—		1,023		1,023		—		1,082		1,082
Other long-term investments	—		5,246		5,246		—		5,037		5,037
Short-term investments	305		—		305		257		—		257


Total	$	959	$	19,037	$	19,996	$	1,056	$	18,471	$	19,527



(In millions)	Amortized Cost		Fair Value
Due in one year or less	$	600	$	574
Due after one year through five years	3,991		3,936
Due after five years through ten years	2,033		2,005
Due after ten years	1,872		1,708
Mortgage and other asset-backed securities	247		227
Total	$	8,743	$	8,450

Actual maturities of these securities could differ from their contractual maturities used in the table above because issuers may have the right to call or prepay obligations, with or without penalties.


(In millions)	Amortized Cost		Allowance for Credit Loss		Unrealized Appreciation		Unrealized Depreciation		Fair Value
June 30, 2026
Federal government and agency	$	217	$	—	$	12	$	(4)	$	225
State and local government	24		—		1		—		25
Foreign government	461		—		9		(6)		464
Corporate	7,794		(51)		135		(369)		7,509
Mortgage and other asset-backed	247		—		2		(22)		227
Total	$	8,743	$	(51)	$	159	$	(401)	$	8,450


December 31, 2025
Federal government and agency	$	215	$	—	$	15	$	(3)	$	227
State and local government	24		—		1		—		25
Foreign government	450		—		12		(6)		456
Corporate	7,704		(137)		175		(332)		7,410
Mortgage and other asset-backed	267		—		3		(26)		244
Total	$	8,660	$	(137)	$	206	$	(367)	$	8,362

Review of Declines in Fair Value. Management reviews debt securities in an unrealized loss position to determine whether a credit loss allowance is needed based on criteria that include severity of decline; financial health and specific prospects of the issuer; and changes in the regulatory, economic or general market environment of the issuer's industry or geographic region.

The table below summarizes debt securities with a decline in fair value from amortized cost for which an allowance for credit losses has not been recorded (by investment grade and the length of time these securities have been in an unrealized loss position). Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.


	June 30, 2026							December 31, 2025
(Dollars in millions)	Fair Value		Amortized Cost		Unrealized Depreciation		Number of Issues	Fair Value		Amortized Cost		Unrealized Depreciation		Number of Issues
One year or less
Investment grade	$	1,902	$	1,925	$	(23)	640	$	384	$	386	$	(2)	149
Below investment grade	214		219		(5)		472	120		125		(5)		239
More than one year
Investment grade	2,637		2,998		(361)		703	3,044		3,382		(338)		799
Below investment grade	105		117		(12)		67	185		207		(22)		86
Total	$	4,858	$	5,259	$	(401)	1,882	$	3,733	$	4,100	$	(367)	1,273


	June 30, 2026				December 31, 2025
(In millions)	Cost		Carrying Value		Cost		Carrying Value
Equity securities with readily determinable fair values	$	88	$	106	$	78	$	92
Equity securities with no readily determinable fair value	6,974		3,667		6,792		3,464
Total	$	7,062	$	3,773	$	6,870	$	3,556

Mortgage loans held by the Company are made exclusively to commercial borrowers and are diversified by property type, location and borrower. Loans are generally issued at fixed rates of interest and are secured by high-quality, primarily completed and substantially leased operating properties.

The Company regularly evaluates and monitors credit risk from the initial mortgage loan underwriting and throughout the investment holding period. The annual portfolio review performed in the second quarter of 2026 confirmed ongoing strong overall credit quality in line with the previous year's results. For more information on the Company's accounting policies and methodologies regarding these investments, see Note 11 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.


(Dollars in millions)	June 30, 2026					December 31, 2025
Loan-to-Value Ratio	Carrying Value		Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio		Carrying Value		Average Debt Service Coverage Ratio	Average Loan-to-Value Ratio
Below 60%	$	379	2.08			$	355	2.13
60% to 79%	634		1.72			694		1.81
80% to 100%	186		0.84			184		0.79



Total	$	1,199	1.67	72	%	$	1,233	1.72	71	%

Other long-term investments include investments in unconsolidated entities, including certain limited partnerships and limited liability companies holding real estate, securities or loans. These investments are carried at cost plus the Company's ownership percentage of reporting income or loss, based on the financial statements of the underlying investments that are generally reported at fair value.

Income or loss from these investments is reported on a one-quarter lag due to the timing of when financial information is received from the general partner or manager of the investments.

Other long-term investments also include investment real estate carried at depreciated cost less any impairment write-downs to fair value when cash flow estimates indicate that the carrying value may not be recoverable. Additionally, statutory and other restricted deposits and foreign currency swaps carried at fair value are reported in the table below as Other. The following table provides the carrying value information for these investments:


	Carrying Value as of
(In millions)	June 30, 2026		December 31, 2025
Real estate investments	$	1,971	$	1,895
Securities partnerships	3,082		2,948
Other	193		194
Total	$	5,246	$	5,037

The Company uses derivative financial instruments to manage the characteristics of investment assets (such as duration, yield, currency and liquidity) to meet the varying demands of the related insurance and contractholder liabilities. The Company also uses derivative financial instruments to hedge the risk of changes in the net assets of certain of its foreign subsidiaries due to changes in foreign currency exchange rates and to hedge the interest rate risk of certain long-term debt. The Company also has derivative instruments associated with certain equity securities; see Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information.

As of June 30, 2026, the notional value of interest rate swap contracts increased to $3.8 billion compared with $3.2 billion as of December 31, 2025. There were no other material changes to the Company's individual derivative hedging strategies during the three and six months ended June 30, 2026. See Note 11B to the Consolidated Financial Statements in the Company's 2025 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies. The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of June 30, 2026 and December 31, 2025. The gross fair values of our derivative financial instruments are presented in Note 10 to the Consolidated Financial Statements.